OH NO NO NO NO!!!!! Don't panick and don't set that as a limitation! You can do anything when you have a baby! I did my woodworking right up untill 2 days before my youngest was born. Those 2 days I was busy canning apple butter!

The only thing I quit was my lathe...for obviouse reasons
My sons both slept in there little playpens while I worked outside. I had one of those mosquito nets to keep buggies off of them and it also kept of any errant sawdust too!
You will have plenty of time! Its all in how you manage it! Get your house work done in the am during that nap time and then when he goes down for the after noon you can carve. Besides watching mommies work from their crib would be extra special !

Now, both my boys are in the shop with me. 10 and 5. Mama's boys!
Carving a mobile is a particularly brilliant idea you know! What heirlooms! Keep heart and remember do NOT set limitations for yourself! Women are awesome and mommies rock!